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SEC enforcer resigns

Stephen M. Cutler, Director of the Securities and Exchange Commission's Division of Enforcement, announced today that he intends to leave the Commission in a month's time. Mr. Cutler, 43, said he plans to return to the private sector. He was named Enforcement Director in October 2001.

"Steve Cutler has been an outstanding leader of the Commission's enforcement program. America's investors have been enormously well-served by Steve's keen intellect, superb judgment and abiding sense of justice," said SEC Chairman William H. Donaldson. "He is what every prosecutor should be: tough but fair. We will miss Steve's dedication, leadership and integrity as we continue our critical efforts to pursue and root out wrongdoing in our marketplace."

Mr. Cutler said, "I have had the very good fortune to work with an extraordinary group of colleagues during an historic period for the Commission and our capital markets. I am proud to have been a part of the agency's efforts and considerable accomplishments in the enforcement arena."

Mr. Cutler has overseen the agency's investigations of some of the largest financial reporting failures in the nation's history, including those at Enron, WorldCom, Adelphia, Qwest, Tyco and HealthSouth. These investigations led to enforcement actions against, among others, Kenneth Lay, Jeffrey Skilling, Andrew Fastow, Scott Sullivan, John Rigas, Joseph Nacchio, Dennis Kozlowsi and Richard Scrushy.

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